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23 May 04:00 PM

Ratings

Eastern Cement posted a net profit worth SAR 34.4 million in Q1-19
21 May 02:59 PM Eastern Cement’s income to grow 108% in FY19 – Al Jazira Capital
Riyadh – Mubasher: Al Jazira Capital, the investment arm of Bank AlJazira, said that the Saudi cement sector is expected to recover from its current downtrend due to producer’s concentration on selling prices and an increase in export sales. Al …
Sector Reports
Arabian Cement achieved a net profit worth SAR 37.1 million in Q1-19
21 May 02:43 PM Al Jazira Capital raises Arabian Cement’s TP to SAR 31.7/shr
Riyadh – Mubasher: Al Jazira Capital raised the target price (TP) of Arabian Cement Company to SAR 31.7 per share and revised its recommendation to “Overweight”. Selling price amounted to SAR 220 per tonne against Al Jazira’s estimations of SAR …
Ratings
The notes include $600 million senior unsecured notes due 2021
17 May 09:09 PM Moody's affirms $1.4bn notes belong to UNB
Dubai – Mubasher:  Moody's Investors Service has affirmed the A1 senior unsecured (foreign) rating on the three outstanding notes of Union National Bank (UNB), with a stable outlook. The rights and obligations of these notes were transferred to …
Bonds
Economic reforms in Saudi Arabia have started to yield positive results
16 May 02:40 PM Saudi Arabia’s real non-oil growth to hit 2.9% in 2019 – IMF
Riyadh – Mubasher: Recent positive indicators combined with an increase in oil prices since the beginning of 2019 have boosted confidence in Saudi Arabia’s economy, the International Monetary Fund (IMF) said in its report released late on …
Sector Reports
Revenues of the Saudi-based firm grew 8.97% in Q1-19
13 May 03:16 PM Al Rajhi Capital upgrades Al Othaim Markets’ TP to SAR 88/shr
Riyadh – Mubasher: The research department of Al Rajhi Capital has upgraded Abdullah Al Othaim Markets Company’s target price (TP) to SAR 88 per share instead of SAR 76, implying 14.8% upside, the kingdom-based firm said in a statement on Monday. …
Ratings
The current ratings are not likely to change in 12M
8 May 08:55 PM Capital Intelligence affirms ABC’s credit ratings, outlook stable
Mubasher: Capital Intelligence Ratings (CI) on Wednesday affirmed the long term and short term credit ratings of Arab Banking Corporation (ABC) at ‘BBB+’ and ‘A2’, respectively, with a stable outlook. The current ratings are not likely to change …
Banking and Finance
Burgan Bank’s profits increased by 26.6% to KWD 82.6 million in 2018
8 May 01:26 PM S&P affirms Burgan Bank’s credit rating at BBB+
Mubasher: Standard & Poor's (S&P) affirmed Burgan Bank’s long-term credit rating at BBB+, with a stable outlook. The rating reflects the lender’s excellent banking services for companies and its capability to generate revenue, according to a …
Ratings
The rating was based on the country’s massive wealth
2 May 05:10 PM Moody's affirms Kuwait’s issuer ratings; outlook stable
Mubasher: Moody's Investors Service on Thursday affirmed the long-term issuer ratings of the Kuwaiti government at Aa2, with a stable outlook. The rating was based on the country’s massive wealth and hydrocarbon reserves, which maintain its role …
Macroeconomics
2 May 04:27 PM AM Best affirms Dubai Insurance’s rating at ‘A-‘
Dubai – Mubasher: AM Best has affirmed the financial strength rating of Dubai Insurance Company (DIN) at “A-“, the agency said in a report released on Thursday. The specialist insurance ratings firm has also confirmed DIN’s long-term issuer credit …
Ratings
Saudi Arabia’s non-oil revenues rose by 10.1% in 2018
1 May 04:57 PM Moody's affirms Saudi Arabia’s credit rating at A1; stable outlook
Riyadh – Mubasher: Moody's Investors Service on Wednesday maintained Saudi Arabia’s sovereign credit rating at A1 with a stable outlook, according to a statement by the Saudi finance ministry. The stable outlook indicated that the kingdom’s credit …
Macroeconomics
Moody's also changed Egypt's issuer ratings
23 April 10:38 PM Moody's upgrades ratings of 5 Egyptian banks
Cairo – Mubasher: Moody's Investors Service has upgraded the long-term local-currency deposit ratings of five Egyptian banks, according to a statement released on Tuesday. The global rating agency upgraded the long-term local-currency deposit …
Ratings
NSRs are ordinal rankings of creditworthiness
23 April 09:37 PM Moody's to offer National Scale Ratings in Saudi Arabia
Riyadh – Mubasher: Moody's Investors Service on Tuesday unveiled intention to offer National Scale Ratings (NSR) in the Kingdom of Saudi Arabia. NSRs are ordinal rankings of creditworthiness relative to other credits within a given country, which …
Ratings
The number of rich migrants in the UAE increased by 2% in 2018
21 April 03:43 PM UAE welcomes over 2,000 millionaires in 2018 – Report
UAE – Mubasher: The UAE attracted more than 2,000 millionaires from outside the GCC country, each with at least $1 million worth of net assets, during the full-year 2018, according to a report released by AfrAsia Bank and New World Wealth. The …
Ratings
Bupa is the top health insurer in Saudi Arabia
18 April 06:20 PM Al Rajhi Capital sets Bupa Arabia TP at SAR 93 per share
Riyadh – Mubasher: Al Rajhi Capital has set the target price of Bupa Arabia for Cooperative Insurance’s share at SAR 93, with a neutral rating, according to a report released on Thursday. Bupa is the top health insurer in Saudi Arabia with strong …
Trading Activities
STC's strong liquidity profile is endorsed by a healthy cash balance
18 April 04:09 PM Moody's upgrades STC's credit rating to ‘A1’; outlook ‘Stable’
Riyadh – Mubasher: Moody's Investors Service has upgraded the Saudi Telecom Company's (STC) long-term Issuer Rating to ‘A1’ from ‘A2’, with a ‘Stable’ outlook. This upgrade of STC's issuer rating follows a reassessment of the Saudi telecom company …
Ratings
Ongoing fiscal and economic reforms will support a gradual improvement in Egypt’s fiscal metrics
18 April 10:43 AM Moody's upgrades Egypt’s ratings to ‘B2’, outlook stable
Cairo – Egypt: Moody's Investors Service (Moody’s) has changed Egypt’s long-term foreign and local currency issuer ratings to “B2” from “B3” with a stable outlook. The new rating reflects Moody's expectation that ongoing fiscal and economic …
Ratings
ICIEC is a subsidiary of the Islamic Development Bank Group
16 April 12:28 PM Saudi ICIEC shows enhanced regional knowledge – Moody’s
Mubasher: The ratings of the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) of the parent organisation the Islamic Development Bank Group (IDB), support the company in times of financial distress, Moody's Investors …
Ratings
Kuwait will achieve a KWD 3.3 billion surplus in FY18/19
11 April 11:42 PM Fitch affirms Kuwait ratings at 'AA', outlook stable
Mubasher: Fitch Ratings on Thursday affirmed the Kuwaiti Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA', with a stable outlook. The affirmed rating reflects the GCC country’s strong fiscal and external metrics, according to a …
Ratings
Mall owners are investing in new technologies such as AI
10 April 03:11 PM UAE gov’t initiatives, private sector to boost Dubai’s property market - JLL
Dubai – Mubasher: Dubai’s real estate market is expected to see a boost on the back of a raft of regulations by the GCC nation’s government, coupled with the private sector’s efforts to introduce further technology-based products, JLL said in a …
Macroeconomics
The UAE’s GDP is expected to reach 3.3% in 2020
10 April 01:09 PM UAE’s GDP to reach 2.8% by end-2019 – IMF
Abu Dhabi – Mubasher: The International Monetary Fund (IMF) predicts the UAE’s gross domestic product (GDP) will grow to 2.8% by the end this year, according to the IMF’s report released on Tuesday. The GCC nation’s GDP is expected to reach 3.3% …
Macroeconomics
There was no change in staffing in the travel and tourism sector
9 April 11:30 AM Strong output, new work boost Dubai’s non-oil private sector in March
Dubai – Mubasher: Dubai’s non-oil private sector economy witnessed a faster growth in March, encouraged by sharp new work and total business activity (output), which increased at the fastest rate since January 2011, according to a report compiled …
Ratings
The North African country will achieve a 5.8% growth
5 April 08:36 PM Egypt to achieve 1.7% budget surplus in FY19/20 – Moody’s
Cairo – Mubasher: Egypt is expected to achieve a 1.7% budget surplus during the fiscal year 2019-2020, with the budget deficit recording 7.5%, according to a report released by Moody’s. The North African country will achieve a 5.8% growth for the …
Ratings
The rating agency has affirmed the bank’s short-term IDR at “F1”
3 April 05:39 PM Fitch assigns ‘A’ rating to Al Masraf with stable outlook
Dubai - Mubasher: Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of ‘A’ for the Arab bank for investment & foreign trade (Al Masraf), with a stable outlook. The rating agency has affirmed the bank’s short-term IDR at “F1”, …
Ratings
The rating reflects the bank’s robust fiscal position
1 April 01:43 PM Moody's affirms Warba Bank’s deposit ratings at Baa2, outlook stable
Mubasher: Warba Bank on Monday announced that Moody's Investors Service has affirmed the lender’s long-term deposit ratings at (Baa2), with a “Stable” outlook. The bank’s main credit rating was confirmed at (ba3), while its Counterparty Risk …
Banking and Finance
The world's largest oil company posted $224 billion in EBITDA in 2018
1 April 01:31 PM Fitch assigns Saudi Aramco's first-time IDR at ‘A+’
Riyadh – Mubasher: Fitch Ratings has assigned Saudi Arabian Oil Company’s (Saudi Aramco), long-term issuer default rating (IDR) at “A+” with a stable outlook in its first-ever credit ratings. The world's largest oil company posted $224 billion in …
Ratings